Analysts: Bitcoin bulls must hold the key Fibonacci support level to prevent the price from falling to $76,000.

According to a report by Cointelegraph, crypto analyst Daan Crypto Trades points out that Bitcoin is currently hovering near a key technical price level. This level, representing the 0.382 Fibonacci retracement range, is a crucial support and resistance level in the market cycle. It must hold effectively to avoid significant losses. A break below this level could see Bitcoin's price fall to around $76,000, the low point in April. A test of this low would disrupt the existing market structure on a long-term timeframe. Sunday evening saw another sharp liquidation of short-term leveraged positions in the Bitcoin market, with both long and short leveraged positions being closed. The price briefly dipped below $88,000 before quickly rebounding above $91,500. This is undoubtedly evidence of market manipulation over the weekend to simultaneously clear long and short leveraged positions due to low liquidity.